What are Three Major Developments in Crypto Space in 2020?

The year 2020 is a very important year for cryptocurrency due to three main things. First, institutional investors are entering the crypto space. Second, several central banks are planning to roll their digital currencies. Third, global regulators are proposing comprehensive charts of regulatory measures for digital assets.

Institutional Influx

According to several reports by blockchain data firms, big players have started taking interest in Bitcoin. After Coronavirus, the central banks started printing more and more cash, which has caused enough inflation in traditional markets. Like gold, bitcoin is also known as a good hedge in tough economic times. So, it is taking place the seat of gold gradually. Now, investors are buying the top digital asset for the long term rather than a short time.

Many big institutions have also recognized it as a potential financial asset. Even JPMorgan showed some interest in cryptocurrency and hired a new global head for digital assets. Giant payments companies, such as Mastercard and Visa, had also recognized the potential of digital assets. Goldman Sach had also hired exec for crypto assets recently.

Banks’ Plans for CBDC

According to a report published by the Bank for International Settlements, nearly 35 central banks across the world have published work over digital currency and nine banks have introduced pilot projects for central bank digital currency (CBDC). Chinese’s central bank is ahead of all which has completed all work over digital yuan. But the final date of launch has not yet been announced by the People Bank of China.

Regulators are Active

Over recent years, there has been a regulatory uncertainty around digital assets. Since the start of 2020, regulators have taken crypto regulations seriously. For instance, the US Office of the Comptroller of the Currency has recently allowed banks to offer crypto services such as custody facilities.

The European Commission (EC) has also proposed a comprehensive regulatory charter. EC said it must be ready to the launch digital euro as the world is shifting to a digital road. The US regulators are targeting unregulated crypto exchanges as BitMEX is the latest victim of it.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

US Congressman Proposes Bill to Regulate Cryptocurrencies and Stablecoins

There are two forces at play here, and one is a decentralized network of cryptocurrencies. On the other hand, centralized finance owned by governments, banks, and financial institutions has converged on making their own tokens to tackle it. But instead of being anonymous and decentralized, they will be highly regulated and controlled entities. Today’s new […]

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]